Republic of Korea: Preserved Sardines Market 2024

Preserved Sardines Market Size in Republic of Korea

The South Korean preserved sardines market reduced slightly to $X in 2022, declining by -3.3% against the previous year. In general, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.6% against 2020 indices. Preserved sardines consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Preserved Sardines Production in Republic of Korea

In value terms, preserved sardines production declined modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 41%. Preserved sardines production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Preserved Sardines Exports

Exports from Republic of Korea

Preserved sardines exports from South Korea soared to X tons in 2022, growing by 79% on 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 1,022%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, preserved sardines exports skyrocketed to $X in 2022. Over the period under review, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 552%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), the Philippines (X tons) and China (X tons) were the main destinations of preserved sardines exports from South Korea, together comprising 68% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +48.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for sardines (prepared or preserved) exports from South Korea, comprising 46% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 15% share of total exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+13.8% per year) and China (+55.8% per year).

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, rising by 73% against the previous year. Overall, the export price, however, saw a deep setback. The most prominent rate of growth was recorded in 2018 an increase of 88% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Republic of Korea

In 2022, the amount of sardines (prepared or preserved) imported into South Korea shrank sharply to X tons, declining by -35.1% compared with the previous year. Over the period under review, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 240%. As a result, imports attained the peak of X tons, and then plummeted in the following year.

In value terms, preserved sardines imports reduced notably to $X in 2022. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 188%. As a result, imports reached the peak of $X, and then dropped dramatically in the following year.

Imports by Country

The Philippines (X tons), Latvia (X tons) and Thailand (X tons) were the main suppliers of preserved sardines imports to South Korea, with a combined 58% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +91.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Latvia ($X), the Philippines ($X) and Thailand ($X) constituted the largest preserved sardines suppliers to South Korea, with a combined 43% share of total imports.

Latvia, with a CAGR of +77.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, growing by 3.7% against the previous year. In general, the import price, however, saw a mild reduction. The pace of growth was the most pronounced in 2018 an increase of 50%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Portugal ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :